The Importance Of Accounting In Society

After graduation from high school, it is most likely that accounting will be on the bottom of someone’s list to major for their post-education. Most people think that accounting is an invaluable boring class in school so they would not even consider it as a class nor a degree. Although accounting can be considered as an insignificant class, it is extremely valuable. Accounting plays an essential role in society. Business owners and entrepreneurs use it daily in their decisions. Not only is it used in the economy, regular people also utilize it in their personal daily decisions unawareingly. Without accounting, the economy and the society will not be the same today and that is why accounting is significant: “...professional accountants in business play important roles that contribute to the overall stability and progress of the society” (Wong and Len 1). These are the people in the workforce that ensures that the financial statements are correct and true so when it is not true, it does not have a bad effect on the lives of the citizens, “ensuring the quality of financial reporting cannot be overly emphasized” (Wong Len). Their jobs are a necessity in today’s society even though a lot may recognize them or know their job’s importance. They contribute a great deal for the society and it indirectly affects people’s daily lives. They are “an

An example is Al Capone. He affected many lives of people who lived in the city of Chicago and accounting contributed to helping him getting arrested and securing people’s lives. While Al Capone lived, many lives were affected by him and his reign was ended when Frank Wilson from the Internal Revenue Service analyzed Capone’s financial statements and determined that he was conducting income tax evasion. Accounting can “have a direct impact on your day to day life” (How